01 November 2012 16:45 [Source: ICIS news]
HOUSTON (ICIS)--NOVA Chemicals is on track to return its 170,000 tonne/year low density polyethylene (LDPE) unit at Mooretown in southern Ontario to full capacity earlier than expected, by the first quarter of 2013, the CEO of the Canada-based petrochemicals major said on Thursday.
The comments were made by CEO Randy Woelfel during a third-quarter earnings conference call.
The plant has been operating at reduced rates after an initial outage in early December 2011, which caused the company to declare force majeure on LDPE from Mooretown.
In April, NOVA ended the force majeure for a limited number of LDPE grades. However, for the balance of the LDPE material supplied by the plant, the force majeure has remained in effect.
In mid-October, the company took the unit off line to begin repair work to return it to full operations. The repair work is expected to take about two months, the company said.
"We have been able to advance the timing of the rebuild by roughly three months from what we had anticipated early in this year," Woelfel said. "This is terrific news for our customers and for us."
The impact of the outage on the first nine months of the year operating income is in the range of $60m-65m (€46m-50m), the company said.
($1 = €0.77)
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